FRONTLINE COVER FA 070606 CR2.indd

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82 frontline technologies corporation ltd annual report 2006 > notes to the financial statement for the year ended 31 march 2006 24. Inventories Inventories are stated after making specific allowance for stock obsolescence of $21,219 (2005: $884,138). 25. Trade and other receivables Group Company 2006 2005 2006 2005 $ $ $ $ Trade receivables – affiliated companies 354,676 836,956 – – – corporate shareholders 2,158,245 2,629,206 – – – third party 82,300,685 71,057,902 – – Less allowance for doubtful trade receivables (2,270,260) (2,151,805) – – Trade receivables, net 82,543,346 72,372,259 – – Deposits 144,950 73,391 15,888 15,888 Prepayments – maintenance cost 3,797,485 5,015,660 – – – others 3,122,676 2,424,368 114,797 41,944 Advances to employees 123,947 45,542 8,357 – Loan to a subsidiary – – 1,399,846 370,111 Loan to affiliated companies 349,195 390,337 349,195 390,337 Tax recoverable 569,530 67,377 – – Other receivables 8,605,707 3,874,015 191,854 94,155 Non-trade receivables from – subsidiaries – – 4,865,303 6,090,700 – associated companies 229,758 167,229 229,758 166,105 – affiliated companies 10,900 14,905 10,900 1,444 Less allowance for doubtful non-trade receivables (528,335) (508,252) – – 98,969,159 83,936,831 7,185,898 7,170,684 The non-trade receivables from associated companies, affiliated companies and subsidiaries of the Company are unsecured, interest free and are repayable on demand. Prepaid maintenance costs relate to maintenance fees paid in advance to a third party for the contracted period and are charged to the income statement over the contractual period as the services are performed by the third party.
frontline technologies corporation ltd annual report 2006 83 > notes to the financial statement for the year ended 31 march 2006 25. Trade and other receivables (cont’d) Trade receivables are denominated in the following currencies: Group 2006 2005 $ $ India Rupee 26,746,680 22,599,020 Philippines Peso 11,107,093 10,071,122 Singapore Dollar 30,886,745 21,391,095 United States Dollar 8,987,251 10,484,490 Other significant currencies 7,085,837 9,978,337 84,813,606 74,524,064 26. Cash and cash equivalents Group Company 2006 2005 2006 2005 $ $ $ $ Cash and bank balances 23,822,312 30,156,294 1,701,337 4,272,702 Fixed deposits (unpledged portion) 2,975,208 552,057 – – Fixed deposits (pledged portion) 1,949,487 866,000 – – 28,747,007 31,574,351 1,701,337 4,272,702 Fixed deposits mature within 1 to 12 months (2005: 1 to 12 months) and have interest rates ranging from 2.8% to 5.5% (2005: 2.60% to 5.00%) per annum. The Group has pledged its fixed deposits to the banks for banking facilities granted. Cash and bank balances are denominated in the following currencies: Group Company 2006 2005 2006 2005 $ $ $ $ India Rupee 2,332,733 560,684 – – Philippines Peso 1,199,321 601,097 – – Singapore Dollar 15,635,143 26,955,277 1,044,551 3,362,533 United States Dollar 6,607,237 2,349,575 656,786 910,169 Other significant currencies 2,972,573 1,107,718 – – 28,747,007 31,574,351 1,701,337 4,272,702
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